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Thursday, 28th August 2008 (949 views)

A conference being held in Australia is set to reveal whether undiscovered gold is lying underground in western Victoria, it is reported.

Goldfields worth up to $36 billion (£16.8 billion) could be below a 30,000 sq km area in the state, according to the Age newspaper.

Findings of research into the potential goldmine will be presented at the Resources Victoria Conference held in Melbourne this week.

Scientists from the GeoScience Victoria study, undertaken by a sector of the country's Department of Primary Industries, told the paper there is a "high probability of at least 200 tonnes of gold" in the region.

The area usually has a yearly gold production of about seven tonnes, the paper added.

One company showing interest in the project is Castlemaine Goldfields, which recently completed a drilling program of 17,000 metres in nearby Chewton, according to the Bendigo Advertiser.

 

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